What, How, And When To Start Your Own Business

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Starting your own business is a big step in the right direction, whether you are new in the world of Entrepreneurship or you’ve been in business but you just want to start and grow another stream of income.

The truth is that running your own business is quite different from working for somebody else or any other salary job you have done. Few years ago I was talking with one of my mentors who had spent all his life working for an organization that helps people start and manage their own businesses. He has traveled all over the world telling people what to do, now he was about to retire and start his own business and he was a bit apprehensive because he was going to put his all into the business. I was surprised at the fact that he was apprehensive because I felt it would be an easy feat for him. These were his words “it’s easy to tell someone else do this, do that but it’s not easy for you to do those things in your own business considering all the challenges entrepreneurs face everyday”.

So from my experience so far, these are the three steps to starting your own business:

What?:

In figuring out the what, it is important that you choose a field you are familiar with, make a business out of something you already love, something you are passionate about, something close to your heart. This is very important because as fancy as owning your own business may sound, it’s not a bed of roses. There are tough times, times you feel like throwing in the towel, if it’s a business you got into because somebody told you it’s lucrative, that you will make millions in three months and you don’t have any love or passion for it, you’re just in it because of the figures you heard, when the going goes tough, you will walk away. In fact you can get so frustrated that you might fall into depression.

How?:

When you’ve figured out what it is that you love to make a business out of, it is then time to figure out how to make money from it.

Personally, I don’t believe in hopping unto a bandwagon, I don’t like doing what everybody is doing so if I must, I must find a way to do it differently.

So when you figure out the “what” figure out the “how”. It’s important that you pen down your thoughts and ideas every step of the way.

This is when you will come up with how to execute your business ideas, how to get what is required. Do you need to learn any skill? If you can not get the money to do exactly what you want, is there any other way that you can do it that wouldn’t require that amount? Can you partner with someone that has those things or skills you need. What can you do differently that will give you an edge over your competitors? You really need to get your details right before you even start.

When?:

Please try not to procrastinate, you cannot learn or have all you want before you start, you will learn on the job. If you keep saying tomorrow, tomorrow, you will never get to start and I can assure you it is better to hit when the iron is hot. Now that the idea is still fresh and you are so passionate about the business, now is the best time to start. Do not wait for everything to be right or perfect, start now.

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